Lumentum (NASDAQ:LITE) Trading Up 2.3%

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price was up 2.3% on Tuesday . The company traded as high as $43.01 and last traded at $42.77. Approximately 207,078 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,434,735 shares. The stock had previously closed at $41.81.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Lumentum in a research report on Friday, February 9th. Rosenblatt Securities increased their price objective on Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, February 9th. B. Riley decreased their price objective on Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday, February 9th. JPMorgan Chase & Co. reduced their target price on Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Finally, Susquehanna reduced their target price on Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, February 9th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lumentum presently has a consensus rating of “Hold” and a consensus target price of $51.79.

Lumentum Trading Down 3.1 %

The business has a fifty day moving average price of $47.80 and a 200 day moving average price of $47.09. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. On average, equities analysts forecast that Lumentum Holdings Inc. will post -0.61 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Hedge funds have recently bought and sold shares of the business. FengHe Fund Management Pte. Ltd. acquired a new stake in Lumentum during the 4th quarter valued at approximately $19,547,000. Pathstone Family Office LLC grew its stake in Lumentum by 46.3% during the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company’s stock valued at $606,000 after purchasing an additional 4,207 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Lumentum by 52.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock valued at $9,564,000 after purchasing an additional 73,047 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Lumentum during the 3rd quarter valued at approximately $32,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Lumentum by 336.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,244 shares of the technology company’s stock worth $3,174,000 after acquiring an additional 54,164 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.